Thursday, 16 August, 2018

PNB Detects $1.77 Billion Fraudulent Transactions in Mumbai Branch, Shares Slips

Men walk past signage for the state-owned Punjab National Bank in Mumbai India on Wednesday Men walk past signage for the state-owned Punjab National Bank in Mumbai India on Wednesday
Ellis Copeland | 14 February, 2018, 21:51

Punjab National Bank (PNB) today disclosed that it has detected some fraudulent transactions with financial implication of Dollars 1.77 billion (about Rs 11,346 crore) and the matter has been referred to law enforcement agencies for the recovery.

PNB has found some high amount of fraud and illegal transactions in its Mumbai branch and this all was done to provide the benefit to few account holders with the conspiracy.

'In the bank, these transactions are contingent in nature and liability arising out of these on the bank shall be decided based on the law and genuineness of underlying transactions, ' PNB said, without giving further details.

It followed a complaint lodged by PNB on January 29 pertaining to an alleged cheating case of Rs 280 crore perpetrated by the four aforenamed persons in 2011.

The fraud was detected in one of its branches in Mumbai and the matter has been referred to law enforcement agencies.

YouTube TV "surprise"? 8 new channels; higher prices
Google has announced some updates for its YouTube TV live television streaming service that go into effect today. Current members (or those who sign up before then) will continue paying the original price of $35 per month.


THQ Nordic acquires Deep Silver, meaning Saints Row is back at THQ
Klemens Kundratitz will remain with the company and receive THQ Nordic shares as part of the acquisition. Some of the properties such as de Blob and Darksiders went to relatively unknown publisher Nordic Games.


We Can Finally See Chrome's Integrated Ad Blocker at Work Soon
That's why Google recently joined an industry group dedicated to improving online ads, called the Coalition for Better Ads . Interestingly enough, Chrome will also give users the option to disable ad blocking by selecting "allow ads on this site".


The PNB declaration resulted in its shares plunging around 8% - the stock opened at Rs 160 on the BSE and soon fell as much as 7.82% to hit the day's low of Rs 149. That, incidentally, is just short of Rs 4,000 crore less than the total income recently declared by the bank for the third quarter (Q3) of this fiscal. The agency, they said, would probe if the allegedly defrauded bank funds were laundered and these proceeds of crime were subsequently used by the accused to create illegal assets and black money. "It seems that based on the records of these transactions, some banks have given them loans overseas".

All partners of Diamon R US, Solar Exports and Stellar Diamonds and PNB employees Gokulnath Shetty and M H Kharat were also named in the FIR.

According to media reports, the CBI has received two complaints from PNB against designer Nirav Modi and a jewellery company regarding shady transactions worth Rs 10,000 crore.

An LoU is a letter of comfort issued by one bank to branches of other banks, based on which foreign branches offer credit to buyers.

This is the second time in as many weeks that India's second-biggest state-run lender has had to deal with allegations of fraudulent transactions.

Recommended

  • NASA's ISS funding to end

    NASA's ISS funding to end

    Thanks to the ISS , we've come to learn, for instance, that microgravity causes significant changes in the human body and biology. So when you think about it, for a private company to get their employees to work on the ISS , that is a lot of travel expense.
    Family of Fort Worth-born movie star files wrongful death suit

    Family of Fort Worth-born movie star files wrongful death suit

    One of the reasons for our high quality is that we thoroughly review concerns about any patient's medical care. The actor, born in Fort Worth, Texas, was starring in USA broadcaster CBS's Training Day series when he died.
    Omarosa Manigault Is Suddenly Relevant Again Thanks to

    Omarosa Manigault Is Suddenly Relevant Again Thanks to "Celebrity Big Brother"

    But in Morgan's article, he says she took aim at him during the 2008 inaugural season of the Trump-hosted show. On the 12th of February, Manigault dished on Donald Trump and Mike Pence on the CBS reality show.
  • Aly Raisman makes a statement with nude Sports Illustrated photo shoot

    Aly Raisman makes a statement with nude Sports Illustrated photo shoot

    I honestly never thought I'd have the opportunity. "I believe that everyone is a survivor of something", she told the magazine . They are my idols and they mean so much to me because they have the best work ethic and I feel like.sorry, I'm emotional.
    Who are the DACA DREAMers and how many are here?

    Who are the DACA DREAMers and how many are here?

    The administration will not have to accept new applications for the programme, but will have to continue accepting renewals. Trump was referring to a deadline he announced previous year to end a program protecting young immigrants from deportation.
    Trump eyes tariffs, quotas on U.S.  steel, aluminum imports

    Trump eyes tariffs, quotas on U.S. steel, aluminum imports

    Trump for recent tariffs imposed to protect American manufacturers of washing machines, and urged tough measures on steel imports. A bipartisan group of lawmakers met President Trump at the White House to talk about the nation's steel and aluminum industries.
  • Northern Ireland power-sharing deal could be confirmed this week

    Northern Ireland power-sharing deal could be confirmed this week

    Mary Lou McDonald says they have the "political will" to reach an agreement to restore the devolved government at Stormont . Taoiseach Leo Varadkar travelled to Stormont today to engage in a last-minute meeting with the British Prime Minister.
    Sea of Thieves won't have a traditional character creator

    Sea of Thieves won't have a traditional character creator

    According to Rare, the game will not feature any loot boxes or any form of microtransactions that will affect player progression. I was admittedly concerned about how long the game's legs would be after the beta, despite having such a good time playing it.
    Salon to use readers' computers to mine cryptocurrency

    Salon to use readers' computers to mine cryptocurrency

    After I disabled Salon's cryptocurrency mining , my idle CPU power went back up to a more typical 70 to 80 percent. Coinhive is a controversial mining tool that was recently uploaded to government websites by hackers.
  • Senate has day of speeches on immigration, but no vote

    Senate has day of speeches on immigration, but no vote

    It would pave a path to citizenship for up to 1.8 million young "Dreamer" immigrants in the US illegally, a lure for Democrats. The White House has repeatedly claimed DACA recipients have until March 5 to worry about being at risk of deportation.
    Pakistani Taliban deputy Khalid Mehsud 'killed in drone attack'

    Pakistani Taliban deputy Khalid Mehsud 'killed in drone attack'

    The spokesman said Taliban chief Mullah Fazlullah immediately replaced Mehsud with another commander, Mufti Noor Wali. Pakistan had offered joint investigation into the Kabul's attacks that Kabul had blamed on the Haqqani Network.
    New antibiotic unearthed from the dirt

    New antibiotic unearthed from the dirt

    They hypothesized that the genes responsible for this "calcium-dependent motif" might be found in other compounds. They had speculated that this novel use of calcium was the key to the longevity of these antibiotics.

Trump tells Democrats to refile Russian Federation probe memo Trump tells Democrats to refile Russian Federation  probe memo Trump called the memo "very political and long" and said he "told them to re-do and send back in proper form". But the Democrats saved their main fire for Nunes' almost four-page memo with their 10-page rebuttal memo.

Xiaomi is bringing Mi TV 4 to India Xiaomi is bringing Mi TV 4 to India Working Xiaomi Redmi Note based on Android 5 with IOS 7 MIUI 9, and its price unlikely to exceed $220 when ordering from China. Last year, adding to its line-up of products, Xiaomi introduced Air Purifier in the Indian market which became a huge success.

Study reveals the link between slow eating and low obesity Study reveals the link between slow eating and low obesity Know someone who loves health advice? This may mean that people's relative levels of deprivation could affect the results. Compared to fast eaters, the odds ratio for being obese was 0.58 for slow eaters and 0.71 for normal-speed eaters.

Android P will be ready for the flexible Samsung Galaxy X Android P will be ready for the flexible Samsung Galaxy X Neither of these two things have been finalized for P's official release, but they seem like very plausible changes. We already have Andy Rubin's Essential Phone with the notch-design, and Huawei is expected to join the flock soon.

Veteran Chicago cop gunned down in broad daylight Veteran Chicago cop gunned down in broad daylight Patrol officers had approached a man in the street last afternoon who was described as acting suspiciously. Paul Bauer in the Loop on Tuesday, but we already know the 44-year-old man has a lengthy criminal record.

At least 2 dead, 3 officers shot during ongoing standoff in Detroit At least 2 dead, 3 officers shot during ongoing standoff in Detroit Authorities say the officer was shot in the knee Sunday night while responding to an incident on the east side of the city. Police say a 14-hour standoff in Detroit has ended with the deaths of three women and the suspected gunman.

Dying stabbing victim names killers hours before drawing last breath Dying stabbing victim names killers hours before drawing last breath Roberto Cuesta, the girl's uncle, told CBS Sacramento that he was proud of his "fighter" of a niece. She was, like, always down to earth and I never spent a day with her being sad", she said.

Engler announces health oversight positions at Michigan State Engler announces health oversight positions at Michigan State State lawmakers in MI are stepping up their legislative response to the Nassar scandal. The faculty senate cast a no confidence vote Tuesday 61-4 in favor.

FBI, CIA, and NSA chiefs advise against using Huawei and ZTE phones FBI, CIA, and NSA chiefs advise against using Huawei and ZTE phones Despite these setbacks, Huawei is still selling an unlocked version of its flagship Mate 10 Pro in the US. So far, none has been provided. "It provides the capacity to maliciously modify or steal information.

1 dead, 1 hurt after vehicles collide at Heathrow Airport 1 dead, 1 hurt after vehicles collide at Heathrow Airport Heathrow said the airfield remained open during the incident and it worked "to minimise disruption to passengers' journeys". The deceased, aged in his 40s, was taken to a west London hospital but could not be saved, the Metropolitan Police said.

Bristol Palin's Husband Dakota Meyer Files for Divorce, Moves Out of Home Bristol Palin's Husband Dakota Meyer Files for Divorce, Moves Out of Home The couple married in June 2016 and have two daughter, Atlee Bay , 9 months, and Sailor Grace , 2. Bristol Palin has split from husband Dakota Meyer , TMZ reports.

Louisville border collie wins honor at Westminster Kennel Club Dog Show Louisville border collie wins honor at Westminster Kennel Club Dog Show Nearly 6, Flynn posted his 42nd career best in show victory in what is nearly certainly his last show before retiring. His co-owner, Sandra Nordstrom, is from Ocean City and he is handled by Katie Bernardin of Chaplin, Connecticut.

Tillerson skipping Israel in Middle East tour Tillerson skipping Israel in Middle East tour Secretary of State Rex Tillerson met with Egyptian President Abdel Fattah al-Sisi in Cairo on Monday, the State Department said . She said it "mischaracterized the conference as a pledging conference", and it was not intended as such.

Snapchat gives creators new audience analytics, including views, engagement, and demographics Snapchat gives creators new audience analytics, including views, engagement, and demographics The petition states that instead of making the app easier the update has made the app and many of its offered features more hard . Twitter was bombarded with the angry reactions of many teens who love Snapchat and is their favourite application.

Galaxy Note 9 To Launch Without The Optical Fingerprint Reader Galaxy Note 9 To Launch Without The Optical Fingerprint Reader Despite the official announcement of the Galaxy S9 still being over ten days away, we already know a fair bit about the phone. Samsung has also stated that this particular pressure-sensor technology is compatible with LCD, LED and OLED display panels.